Razvitie Corporation is a pioneer in the investment management entrepreneurship after the collapse of the communist system in Bulgaria at the end of 1989. It all began in early 1993 as Investment Fund “Razvitie”. At that time several young entrepreneurs with background in economic research and finance ventured to create the first of its kind investment fund, raising capital from established financial institutions and with public offering at the same time. This led to the establishment of the Investment Fund “Razvitie” whose constituent General Assembly was held on June 5th 1993. This is the formal date of birth of the company.
Originally Investment Fund “Razvitie” started amalgamating the investments of large institutions and companies and individual shareholders. As this was the first example of its kind in Bulgaria, “Razvitie” had an impact on the creation of the necessary legislation for managing publicly raised funds and remained a good example for all the subsequent practices to raise capital from the public from various issuers.
The Investment Fund “Razvitie” was established as a limited partnership. The general partners at the beginning were “Variant ABV&Co.”Ltd., “VID-ABV” Ltd., “Hiron-91” Ltd. , “TBI” Ltd. Soon after the establishment of the new company, the latter withdrew from the partnership. The United Bulgarian Bank, the largest insurer – DZI, “Intransmash Engineering” Jsc., as well as 898 individual investors were among the limited responsibility partners.
The Investment Fund “Razvitie” made four successful share issues – two in 1993, one in 1994 and one – in 1997. “Razvitie” was a public company, with shares, traded at the stock exchange in Sofia.
Later on – in 1999 – after a deep and devastating financial crisis in Bulgaria, the fund managed to survive without major losses due to the cautious and forward looking management but the shareholders decided to transform it into Razvitie Corporation.
Today Razvitie Corporation is a stable investor, with an excellent public reputation and proven success. During the years, the corporation invested and successfully sold or still controls various businesses in financial services, insurance, real estate management, industrial and media entities, property rights.
Razvitie Corporation is:
- A company with exemplary social responsibility, having adopted the good corporate practices;
- An dynamic entity with clear business vision;
- A reliable and well established partner;
- A major corporate donor, focusing mostly on children and disadvantaged groups. Among the flagship sponsored initiatives are the movement “Children teach children to do good deeds”, as well as the foundation “Play with Razvitie”, supporting children in sports.
Nowadays Razvitie Corporation is mostly involved in the real estate business. The portfolio of the corporation covers all market segments, including residential property, office and warehouse space, as well as vacation property. The corporation has an experienced team of specialists to manage its properties, including maintenance and facility management assistants, as well as sales specialists, supporting a high occupancy rate of the rented spaces. The company invests in prime locations and good quality.
Since 1997 Razvitie Corporation manages an excellent business center in Sofia, 40 “Bratya Bukston” Blvd. It occupies an area of 23 000 sq. m. and consists of 10 000 sq. m. office space, 2800 sq. m. warehouse space, and over 250 parking lots. It is located in the southern part of Sofia and has good infrastructure and easy access to some of the main city transport arteries. The business center has a constant occupancy rate above 90% and its clients belong to various business sectors – production, wholesale trade and retail, services, etc.
Over the last 20 years Razvitie Corporation has been managing the 8-storey hotel “Tower” in Kranevo, between the resorts of Albena and Zlatni Piasatsi, just at a few tens of meters from the Black Sea beach. Currently the hotel is part of the youth-vacation village “Aqua Life”, which is a prime year round training and recreation destination for young athletes from various countries. The village is developed on 20 000 sq.m. and offers excellent sports facilities like swimming pools, various sports’ halls and grounds, spa and recreation services.
The company also invests in first quality residential properties in the very center of Sofia, enjoying a very high demand for renting.